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Thursday, February 9, 2012

Market Summary -- 9th Feb 12

FTSE STI closed 2,981.17, down 1.03 points or -0.03% with a total volume of 3.55b and a total value of S$2.25b. Total number of advance vs decline was 313 vs 283. Of the 30 component index stocks, 13 closed positive, 14 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. HKLand US$ +0.210

2. OCBC +0.130

3. CityDev +0.100

4. Capitaland +0.100

5. SGX +0.050

5. SIA +0.050

The top 5 loser component stocks were :-

1. Jardine C&C -1.690

2. JMH 400US$ -0.450

3. JSH 500US$ -0.410

4. F&N -0.160

5. SembMar -0.100

US markets closed positive yesterday night as investors shrugged off Greece debt issue with Nasdaq climbing to 11 year high. Asian bourses were however mixed after China reported January CPI higher than expected. Nikkei closed -0.15%, SSE +0.09% and HSI -0.04%. STI opened in the negative, raced back to positive within 7 points of the 3,000 level but soon lose strength and closed -0.03% in another heavy volume day of more than 3 billion. Only 13 of the 30 index stocks managed to register positive closing.

Despite the positive performance from US and possible resolution of Greece able to secure the bailout funds which caused European bourses to be positive at the moment, STI appeared to be over stressed and look ready to pull back anytime. Cautious is the word now and should Greece able to secure the bailout funds that is not something to really big cheer about. Greece with high unemployment rate and in deep recession and in order to obtain the bailout funds, it has to comply with the strict austerity measures and that will practically killing off any chance of Greece economy from rebound within the next 2 years.